Insights

Archive:
October, 2017

We publish a Technical Bulletin at the beginning of each month for our professional colleagues – solicitors, accountants and tax advisers. Each issue covers notable events in the financial planning industry including any changes to HMRC and Financial Conduct Authority (FCA) rules and regulations.

These publications provide a quick easy way to keep up with the latest developments across investments, pensions, insurance and tax. We explore the implications for private clients and provide recommendations about appropriate ways in which we can respond.

If a member of a pension scheme aged 75 or over dies and a lump sum is paid to a personal discretionary or flexible trust, a 45% special lump sum death benefit charge will arise. This raises questions about the tax credit system for beneficiaries.

If a seriously ill person transfers a pension plan and dies soon after, it may be classed as a chargeable lifetime transfer for inheritance tax purposes. The process for calculating charges can be complex, but things may be about to get simpler.

Information

John Lamb LLP is authorised and regulated by the
Financial Conduct Authority.

Registered in England and Wales No. OC348253.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk